If you have a small-to-moderate balance on your mortgage, and you’d like to borrow against your home at a lower rate, consider an Interest-Only Home Equity Line of Credit (HELOC). Pay interest-only during the 10-year draw period and get up to 20 years to repay it afterwards. The flexibility of an Interest-Only HELOC makes it a great option for people in the right situations.

• Click here for updated information on our attractive rates and terms.
• Loans from $10,000 - $500,000
• Interest-only period: Pay interest only for the first 10 years of this variable-rate home equity line of credit
• Repay Afterward: After the interest-only period, you have up to 20 years to repay the balance
• Revolving Loan: During the initial draw period, you can make advances, repay and advance again as needed

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All loans are subject to credit and property approval. Rates are variable and are based on your credit history and profile. Rates and terms are subject to change without notice.  All loans require a minimum payment of only the monthly interest due for the first 10 years during the draw period, after that time, the loan is converted to the repayment period of up to 20 years.

APR = Annual Percentage Rate. APR of 3.50% as of April 1, 2022. $10,000 minimum line of credit required. Maximum CLTV is up to 90%. LTV may vary by state. Minimum floor rate 1.50% APR; maximum cap rate 11.90% APR. Maximum loan to value of up to 90% on a primary residence. Maximum loan to value of up to 80% on a secondary property. Rates quoted are for owner-occupied transactions secured by a single-family, 1-4 owner-occupied residence, or Second Home (Vacation). Rate is variable and is based on the Prime Rate Index as published in the Wall Street Journal and is subject to change after consummation. During the draw period your monthly payment will equal the finance charges (interest) that accrued on the outstanding balance during the preceding month. The credit union will add a margin of 0.50% on secondary properties. If only minimum payments are made, the loan balance will not decrease. Home Equity Lines of Credit is secured by your home. Rates and terms subject to change without notice. Loan approval subject to credit evaluation.

Certain fees, conditions and restrictions may apply. You must pay certain fees to third parties to open the plan. These fees generally total between $305.00 and $2,000.00. Property insurance is required. Other fees may apply depending on the loan amount and state of residence. Fees such as appraisal, title charges, flood certification and tax service may apply.

Payment Example:  If you made only the minimum monthly payment and took no other credit advances it would take 30 years to pay off a credit advance of $10,000 at an Annual Percentage Rate of 3.25%. During that period, you would make 120 payments of $24.93 to $27.60, followed by 239 payments of $56.72 and one final payment of $56.52.